If I was to write my own pines script to modify the Chandler exit and eliminate The issues you posted above. What would be a bulleted list of things I would need to fix on the chandelier exit
6/28/2024 08:46pm
To modify the Chandelier Exit and address the issues listed above, you would need to consider the following:
1. **Improved Timing**: Adjust the script to better identify the optimal exit point based on your trading strategy, taking into account factors like support and resistance levels, moving averages, and other technical indicators.
2. **Volatility Filtering**: Incorporate a volatility filter to differentiate between normal price fluctuations and significant trend reversals, reducing the likelihood of false signals.
3. **Diversification**: Ensure the script considers multiple stocks or asset classes to reduce exposure to any single security.
4. **Emotional Trading Mitigation**: Implement rules to enforce disciplined exits, such as fixed profit targets or stop-loss levels, to minimize the influence of emotions on decision-making.
5. **Backtesting**: Thoroughly backtest the modified script using historical data to validate its effectiveness and ensure it is not overfitting to the data used for development.
6. **Trading Cost Consideration**: Account for trading costs, such as commissions and fees, in the script to better manage overall profitability.
7. **User Interface Improvement**: Optimize the script's user interface to make it easier to use and customize for different trading scenarios.
8. **Error Handling**: Implement robust error handling to ensure the script continues to function even when unexpected issues arise.
9. **Real-Time Adaptation**: Consider incorporating machine learning techniques to enable the script to adapt to changing market conditions in real-time